South Dakota Investment Council continued to hold its position in Sterling Bancorp (NYSE:STL) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,700 shares of the financial services provider’s stock at the end of the second quarter. South Dakota Investment Council owned 0.08% of Sterling Bancorp worth $2,574,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Bank & Trust lifted its position in shares of Sterling Bancorp by 402.6% during the second quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 3,970 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Sterling Bancorp by 51.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock valued at $121,000 after purchasing an additional 1,735 shares in the last quarter. LS Investment Advisors LLC lifted its position in shares of Sterling Bancorp by 33.5% during the first quarter. LS Investment Advisors LLC now owns 6,653 shares of the financial services provider’s stock valued at $158,000 after purchasing an additional 1,670 shares in the last quarter. World Asset Management Inc bought a new position in shares of Sterling Bancorp during the first quarter valued at about $203,000. Finally, Tocqueville Asset Management L.P. bought a new position in shares of Sterling Bancorp during the first quarter valued at about $214,000. 91.30% of the stock is currently owned by institutional investors.
Shares of Sterling Bancorp (NYSE:STL) opened at 21.30 on Monday. The stock has a market cap of $2.89 billion, a P/E ratio of 17.76 and a beta of 1.07. Sterling Bancorp has a 12-month low of $16.75 and a 12-month high of $25.85. The company’s 50-day moving average is $22.40 and its 200-day moving average is $23.11.
Sterling Bancorp (NYSE:STL) last posted its earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.33. The business had revenue of $126.88 million for the quarter, compared to analysts’ expectations of $133.85 million. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. On average, equities research analysts anticipate that Sterling Bancorp will post $0.69 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, August 21st. Shareholders of record on Monday, August 7th were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.31%. The ex-dividend date was Thursday, August 3rd. Sterling Bancorp’s dividend payout ratio is currently 23.33%.
A number of research firms recently weighed in on STL. Zacks Investment Research lowered shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, May 23rd. BidaskClub upgraded shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Jefferies Group LLC restated a “buy” rating and set a $28.00 price objective on shares of Sterling Bancorp in a report on Friday, May 19th. Maxim Group restated a “buy” rating and set a $30.00 price objective on shares of Sterling Bancorp in a report on Wednesday, July 26th. Finally, Royal Bank Of Canada restated a “buy” rating on shares of Sterling Bancorp in a report on Tuesday, May 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the stock. Sterling Bancorp has a consensus rating of “Buy” and an average target price of $26.93.
In other Sterling Bancorp news, Director Thomas G. Kahn sold 2,000 shares of the company’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $23.53, for a total transaction of $47,060.00. Following the transaction, the director now owns 44,648 shares in the company, valued at approximately $1,050,567.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard L. O’toole bought 4,000 shares of the stock in a transaction on Thursday, July 27th. The shares were bought at an average price of $22.60 per share, for a total transaction of $90,400.00. Following the purchase, the director now directly owns 21,291 shares in the company, valued at approximately $481,176.60. The disclosure for this purchase can be found here. 3.74% of the stock is currently owned by corporate insiders.
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About Sterling Bancorp
Sterling Bancorp is a financial holding company. The Company is a bank holding company that owns the Sterling National Bank (the Bank). The Bank specializes in the delivery of services and solutions to business owners, their families and consumers within the communities it serves. The Bank offers a line of commercial, business, and consumer banking products and services.
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